Tyra Biosciences (NASDAQ:TYRA) Stock Price Down 6.7% After Analyst Downgrade

Tyra Biosciences, Inc. (NASDAQ:TYRA – Get Free Report) shares fell 6.7% during mid-day trading on Wednesday after HC Wainwright lowered their price target on the stock from $30.00 to $29.00. HC Wainwright currently has a buy rating on the stock. Tyra Biosciences traded as low as $24.20 and last traded at $23.8660. 160,969 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 926,430 shares. The stock had previously closed at $25.57.

Several other analysts have also recently commented on TYRA. Cantor Fitzgerald restated an “overweight” rating on shares of Tyra Biosciences in a report on Thursday, September 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $56.00 price target on shares of Tyra Biosciences in a report on Tuesday, September 8th. Bank of America upped their price target on shares of Tyra Biosciences from $37.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Wedbush reissued an “outperform” rating and set a $53.00 price objective on shares of Tyra Biosciences in a report on Thursday, September 10th. Finally, JonesTrading assumed coverage on shares of Tyra Biosciences in a research report on Wednesday, June 17th. They issued a “buy” rating and a $56.00 price objective for the company. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.89.

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Institutional Trading of Tyra Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC bought a new stake in Tyra Biosciences during the 2nd quarter worth about $943,000. WINTON GROUP Ltd acquired a new stake in shares of Tyra Biosciences during the 2nd quarter worth approximately $537,000. Engineers Gate Manager LP acquired a new stake in shares of Tyra Biosciences during the 2nd quarter worth approximately $1,021,000. Squarepoint Ops LLC raised its stake in shares of Tyra Biosciences by 211.3% during the second quarter. Squarepoint Ops LLC now owns 63,805 shares of the company’s stock worth $2,038,000 after buying an additional 43,311 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Tyra Biosciences in the second quarter valued at approximately $334,000. 84.14% of the stock is currently owned by institutional investors and hedge funds.

Tyra Biosciences Stock Down 6.7%

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -10.00 and a beta of 0.73. The company’s fifty day moving average is $27.38 and its two-hundred day moving average is $31.41.

Tyra Biosciences (NASDAQ:TYRA – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.04). On average, equities research analysts expect that Tyra Biosciences, Inc. will post -2.73 EPS for the current year.

Tyra Biosciences Company Profile

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Tyra Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for diseases with limited treatment options. The company uses its proprietary SNÅP platform to design small-molecule therapies intended to selectively target disease-driving genetic alterations while addressing resistance mechanisms that can reduce the effectiveness of existing treatments.

Tyra’s lead programs are directed at fibroblast growth factor receptor (FGFR) biology. TYRA-300 is an oral, selective FGFR3 inhibitor being developed for conditions including FGFR3-altered urothelial cancer and achondroplasia, a genetic skeletal disorder.

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